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Free AccessMNI DATA IMPACT: UK Wages Stagnate Even as Employment Soars>
By Les Commons and Laurie Laird
LONDON (MNI) - The following are the key points from UK labour data
published Tuesday by the Office for National Statistics. The data were
released ahead of the usual 0930 GMT embargo time due to a fault at the
ONS.
- Employment growth far exceeded expectations, surging by 222,000
in the three months to January, the biggest increase since the three
months to November of 2015. Employment has not declined since the three
months to October of 2017.
- But the red-hot jobs market has failed to ignite a material
acceleration in wage growth. Average wage growth steadied at 3.4% in
the three months to January, while total wages rose by the same
magnitude, down from an upwardly-revised 3.5% in the fourth quarter.
- Falling inflation has lifted real wage growth, as highlighted by
the Bank of England following the February meeting of the Monetary
Policy Committe. Real average earnings edged up to an annual rate of
1.4%, the highest growth since the three months to August of 2016, up
from 1.3% in the fourth quarter.
- Employment growth was concentrated in relatively low-wage
sectors, such as hospitality (35,000 in Q4 over Q3) and transport and
storage (up 58,000 over the same period). Manufacturing employment fell
by 11,000 in Q4.
- Manufacturing wage growth continued to lag, rising at an annual
rate of just 1.8% in the three months to January, although that was a
slight improvement over the 1.7% gain recorded in Q4. Financial sector
wage growth -- including bonuses -- picked up to an annual rate of 4.3%,
the best pace since the three month to August 2011.
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Why MNI
MNI is the leading provider
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